Irrevocable trusts can facilitate eligibility for Medicaid coverage, and this is an important thing to think about, because most people will need living assistance. Medicare does not pay for long-term care, so you cannot look in that direction for support. Death taxes can take a heavy toll on your legacy if you are exposed, but fortunately, there are irrevocable trusts that can be used to provide estate tax efficiency. Topics covered in this report include: The Power of Revocation …
When Does a Power of Attorney Terminate
When Does a Power of Attorney Terminate from Mark Eghrari A general power of attorney is one variation With a general power of attorney, you give the attorney-in-fact the ability to act on your behalf in a sweeping fashion. Learn more about Power of Attorney terminate in this presentation. …
Free Report: What Is a New York Special Needs Trust
special needs are enrolled in the Medicaid program. This is a health insurance program that is jointly administered by the federal government along with each respective state government. Medicaid is a program that is intended for people with financial need. If you have resources to speak of, you cannot qualify for Medicaid coverage. Since many people with special needs are not in a position to earn much income, Medicaid is often going to be the health care insurance solution. Topics covered …
Long Islanders: Be Aware of Estate Tax Changes
We practice on Long Island, and there are a lot of financially successful people in our area. New Yorkers who have been able to accumulate a significant store of wealth should be aware of the estate taxes that can enter the picture. Estate tax laws are not necessarily static. When you originally talk to an estate planning attorney, your estate plan is going to be created based on the situation that existed at that time. Tax laws can change, and your personal financial position can improve …
Free Report: What Is a New York QTIP Trust
When you are planning your estate as a married person with children from a previous marriage, you want to protect the interests of your children, but you also want to make sure that you provide for your spouse adequately. This is where a qualified terminable interest property trust can be beneficial. You fund the trust, and you name a trustee to administer the trust after you pass away. Many people will use a corporate trustee such as a trust company or the trust department of the bank. When you …
Is New York Probate Always Required
Is New York Probate Always Required from Mark Eghrari When you use a will to transfer your assets, this court supervises the estate administration process.This process is called probate. Learn more about Is New York Probate always required in this presentation. …
Free Report: What Is the Difference Between a New York Revocable Living Trust and a Medicaid Trust?
Revocable living trusts are very popular, and you could potentially benefit from the creation of a revocable living trust even if you are not extraordinarily wealthy. As the name would indicate, you can revoke this type of trust, so you could change your mind, dissolve the trust, and walk away with the assets back in your pocket. Topics covered in this report include: Revocable Living Trusts Medicaid Trusts Click here to read the whole article or download the PDF. …
Free Report: How Can I Leave Assets To My Spouse Free of the New York Estate
Medicaid is a government health insurance program that will pay for long-term care. Since Medicare does not pay for living assistance, this program is relied upon by many seniors who need help with their day-to-day needs. There is an asset limit of $2000 for an individual, but many things that you own do not count. You could potentially give countable assets to your family members before you apply for Medicaid. Topics covered in this report include: Medicaid Asset Limit Click here to …
Inheritance Tax: Don’t Be Confused
Far too many people are uninformed when it comes to the subject of estate planning, so there are a lot of mistaken assumptions and misconceptions out there. The fact is that there is a lot of money at stake, so estate planning is a matter that people should take much more seriously. With the above in mind, let's look at the definition of an inheritance tax so that we can clear up some confusion. Each Individual Inheritor You may naturally assume that an inheritance tax and an estate tax are …
Wills and Trusts: Understand the Differences
People who don't understand all the facts sometimes harbor misconceptions about estate planning and the different options that are available. Most individuals are aware of the fact that you can use a will to express your wishes regarding the way that you want your assets transferred after you are gone, and the majority of people have heard of trusts as well. They think that wills and trusts are two legal devices that accomplish the same objectives. There is a shred of truth there, but in fact, …
Free Report: Is There a New York Mediciad Asset Limit
Everything that you own is not considered to be a countable asset for Medicaid purposes. However, the limit on countable assets is $2000 for an individual applicant. At this point we should provide a rundown of assets that are not considered to be countable, and we will start with the biggest one. Your home is not looked upon as a countable asset, but there is an equity limit. This limit is increased every year to account for inflation, so it could be slightly higher next year, but in …
What is an ILIT
What is an ILIT from Mark Eghrari An ILIT can be part of a comprehensive tax efficiency strategy. but you should be aware of the three-year rule. If you die within three years of transferring policies into the trust, the proceeds would be part of your estate for tax purposes. Learn more about an ILIT in this presentation. …
See Larger Map
Get Directions